Deleted
Joined: Nov 26, 2024 3:17:14 GMT -5
Posts: 0
|
Post by Deleted on Feb 4, 2014 21:25:18 GMT -5
I thought 2013 was the year when the deduction for medical expenses changed from that in excess of 7.5% of AGI to 10% but I recently heard that the changeover for folks over 65 is 2017. Is this true or too good to be true for those enjoying the senior menu at IHOP?
|
|
taxref
Junior Member
Joined: Dec 31, 2010 11:09:13 GMT -5
Posts: 220
|
Post by taxref on Feb 4, 2014 21:30:47 GMT -5
For a single person (or a married couple with at least 1 spouse) age 65 or over, the percentage is 7.5% through 2016.
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 28,371
Mini-Profile Name Color: e619e6
|
Post by TheOtherMe on Feb 4, 2014 21:46:24 GMT -5
I turn 65 in 2016, so for one year I will go back to 7.5%?
|
|
taxref
Junior Member
Joined: Dec 31, 2010 11:09:13 GMT -5
Posts: 220
|
Post by taxref on Feb 4, 2014 23:46:16 GMT -5
"I turn 65 in 2016, so for one year I will go back to 7.5%?"
That is correct. You will qualify for the 7.5% limitation for 2016 only, and beginning in 2017 everyone will be at 10%.
|
|
Deleted
Joined: Nov 26, 2024 3:17:14 GMT -5
Posts: 0
|
Post by Deleted on Feb 5, 2014 20:20:27 GMT -5
Thanks, Taxref, I'll spend my extra $$ on pancakes at IHOP  |
|
